SIMPLE IRA plans for small businesses

What is a SIMPLE IRA plan?

A Savings Incentive Match Plan for Employees (SIMPLE) is designed exclusively for small businesses as a way to offer a low-cost, easy-maintenance retirement plan. A SIMPLE IRA plan is a written salary reduction arrangement that allows small businesses to make elective contributions into Individual Retirement Accounts (IRAs) set up for the benefit of each eligible employee. SIMPLE IRAs are also available to self-employed individuals.

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